Good afternoon and welcome to a big day for tax policy in DC. Top congressional Republicans will soon be speaking about the overhaul they’re announcing, and later, President Trump will deliver remarks in Indianapolis.

Now, how are they going to pay for the cuts? That’s what lawmakers will be working on from here on out, as they write bills. Here’s an estimate of the plan’s cost from the Committee for a Responsible Federal Budget:

While significant detail still needs to be filled in, enough exists for a very rough and very preliminary estimate of the details presented. Based on those details – and many assumptions – we estimate the plan calls for roughly $5.8 trillion of tax cuts and $3.6 trillion of base broadening, resulting in about $2.2 trillion of net tax cuts.

House Ways and Means Committee Chairman Kevin Brady says it’s “our year to chart a new course.”

That phrasing is important. Analysts at Keefe, Bruyette & Woods have said they think an “optimistic timeframe” for completing an overhaul is late in the first quarter of next year, or in the second quarter.

Trump said earlier today he wouldn’t personally benefit from the tax package.

“My plan is for the working people, and I think very, very strongly, there’s very little benefit [in it] for people of wealth,” he said in comments reported by CNBC. But the executive director of Americans for Tax Fairness called that statement a “hoax.”

“Thank you very much. You just want massive tax cuts,” Trump says to the cheering crowd.

And he gives a shout out to Treasury Secretary Steven Mnuchin and NEC Director Gary Cohn. The Cohn mention is notable, since he’d reportedly drafted a letter of resignation following Trump’s response to the violence in Charlottesville, Va.